DDM Analysis: WSBF

Valuation Snapshot

Stable Growth	$9.90 - $14.48	$12.10
Multi-Stage	$19.98 - $21.98	$20.96
Blended Fair Value	$16.53
Current Price	$15.60
Upside	5.98%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-15.37%	8.46%	0.62	0.85	1.67	1.67	1.74	1.43	1.49	1.48	0.38	0.32
YoY Growth	-	-	-26.65%	-49.23%	-0.42%	-3.59%	21.42%	-4.03%	0.36%	289.65%	17.86%	17.31%
Dividend Yield	-	-	4.61%	7.07%	11.01%	8.65%	8.50%	9.83%	9.00%	8.58%	2.09%	2.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	23.90
(-) Cash Dividends Paid (M)	10.89
(=) Cash Retained (M)	13.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.78	2.99	1.79
Cash Retained (M)	13.01	13.01	13.01
(-) Cash Required (M)	-4.78	-2.99	-1.79
(=) Excess Retained (M)	8.23	10.02	11.22
(/) Shares Outstanding (M)	18.17	18.17	18.17
(=) Excess Retained per Share	0.45	0.55	0.62
LTM Dividend per Share	0.60	0.60	0.60
(+) Excess Retained per Share	0.45	0.55	0.62
(=) Adjusted Dividend	1.05	1.15	1.22
WACC / Discount Rate	7.57%	7.57%	7.57%
Growth Rate	-2.77%	-1.77%	-0.77%
Fair Value	$9.90	$12.10	$14.48
Upside / Downside	-36.57%	-22.41%	-7.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	23.90	23.48	23.06	22.65	22.25	21.86	22.52
Payout Ratio	45.57%	54.46%	63.34%	72.23%	81.11%	90.00%	92.50%
Projected Dividends (M)	10.89	12.78	14.61	16.36	18.05	19.67	20.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.57%	7.57%	7.57%
Growth Rate	-2.77%	-1.77%	-0.77%
Year 1 PV (M)	11.76	11.88	12.01
Year 2 PV (M)	12.37	12.62	12.88
Year 3 PV (M)	12.75	13.14	13.55
Year 4 PV (M)	12.94	13.48	14.04
Year 5 PV (M)	12.98	13.66	14.37
PV of Terminal Value (M)	300.26	316.02	332.43
Equity Value (M)	363.05	380.80	399.27
Shares Outstanding (M)	18.17	18.17	18.17
Fair Value	$19.98	$20.96	$21.98
Upside / Downside	28.11%	34.37%	40.89%

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Waterstone Financial, Inc. (WSBF)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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